Transerv Energy Expands in Australia's Perth Basin

Transerv Energy has formed an alliance with Norwest Energy to work on oil and gas projects in Australia’s Perth Basin.

The alliance will facilitate the farmout and drilling of the 160 million barrel Xanadu Prospect in TP-15, Transerv said on Monday. The Xanadu Prospect is situated in Western Australian State Territorial waters close to the coast near the Cliff Head and Jingamia oilfields. Transerv said it will work closely with NWE to finalise the farmout of the Xanadu well during 2016 with the aim that drilling activities take place during 2017.

The alliance also involves the other onshore permits in which Norwest has an interest in the Perth Basin.  These include EP368 and EP426, which are to the east and adjacent to the Waitsia gas discovery, and EP413 which holds the Arrowsmith discovery. Both companies plan to accelerate the exploration of these areas through farmout drilling.   

As part of this Alliance, Transerv will acquire, via a share placement, 100 million shares for A$200,000 in Norwest and have the right to participate in farmout wells and earn a material interest in all the Perth Basin areas in which NWE is a participant (TP/15, EP368, EP426, EP413, L14, EP492) on the successful completion of appropriate farmout arrangements.